Thursday, February 2, 2012

Bank of America program to teach wealthy kids financial skills

Bank of America's wealth management arm announced today an expanded program that will teach children of wealthy families financial skills they will need to manage their inheritance.

The new features of the Financial Empowerment Program of U.S. Trust target "tech-savvy Generation X and Y young adults who are beneficiaries of wealth," teaching skills related to investing, estate planning, wealth management, and what to watch for during live events like marriage or buying a home.

The program is partly a response to a U.S. Trust survey that showed that only about a third of wealthy parents strongly agreed their kids will be able to handle the inheritance they are left.

Families can access the program through their U.S. Trust representative, who will deliver a customized program online, in one-on-one sessions or in family sessions.


BH said...

Well, parents, you could put them to work first and let them see how money is earned. Maybe that would teach them something.